A declining balance card is a pre-loaded Visa card which might be a good substitute for a cash advance or having to submit an expense report. The main difference in a DB card and a P card is the Declining Balance card is automatically reconciled to one GL only, whereas a P card can be reconciled to multiple GLs by the cardholder.

What is it?A Declining Balance Card is a pre-funded Visa card which is automatically reconciled to one GL. It is issued to an individual, who is not a current P cardholder, for a specific business purpose. A business trip is a good example.

How does it work?Based on an approved Declining Balance Request, a Visa card is preloaded with a specific dollar amount, to be debited to the GL stated on the request form. The card remains active until the funds are exhausted or a specific deadline date is reached.

Why would I want one?A Declining Balance card can be issued in place of, or in addition to, a cash advance or the employee using personal funds and submitting an expense report.

Who can get one?Any employee who is conducting business on behalf of SMC and is approved via a Declining Balance Card Request.

How do I get one?By submitting a Declining Balance Card Request (see below) at least 7 business days prior to date card is needed.

Then what happens?Once the Request has been approved, a Visa card will be ordered from Bank of America in the Users name. Note: It takes a minimum of 3 business days to receive the credit card, once it has been ordered. When the card has been received the user will be notified to pick their Visa card up and to sign the Declining Balance Visa Card Agreement (see sample below).

How are Declining Balance transactions reconciled?The user is not required to use the Bank of America Works application to reconcile their DB Visa transactions. All posted transactions are reconciled using the one GL that was requested and approved. The user will be emailed a statement with the posted transactions to their Declining Balance card. The user then has fifteen (15) business days to review the statement, attach original receipts, obtain their Manager’s signature on statement and submit the statement with receipts, along with their Visa card to the Business Office.

What if all the funds that were preloaded onto a Declining Balance card where not spent?Any unused funds are released back to the GL that was approved via the Declining Balance Card Request.

What happens if the Visa statement with receipts is not turned in by the due date?Failure to submit an approved statement with receipts will authorize Payroll to withhold the funded Visa card amount from employee’s paycheck.

What happens if the Visa card is not returned to the Business Office?Failure to return the Visa card will preclude the employee from being issued a Declining Balance card in the future.

What happens to my Visa card when I’m finished with it?The card should be turned into the Purchasing Department who will keep it on file. DB cards can be reissued to the employee at a future date, based upon a newly approved Declining Balance Request, which is used to fund the card.